Rosetta Tax

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Charles Goddard
Rosetta Tax
Linda Adelson
Partner
Rosetta Tax
Contributions by Rosetta Tax Experts

30

Claiming relief under a double tax treaty in relation to income or gains from UK real estate
Claiming relief under a double tax treaty in relation to income or gains from UK real estate
Practice notes

This Practice Note looks at the requirements for foreign investors claiming relief under a typical double tax treaty in relation to income from, and gains on sale of, a UK property. This Practice Note was produced in partnership with Charles Goddard of Rosetta Tax LLP.

Direct tax treatment of leases—assignments, surrenders and variations
Direct tax treatment of leases—assignments, surrenders and variations
Practice notes

This Practice Note considers the direct tax treatment for both tenants and landlords of lease surrenders, assignments and variations. It also considers the application of CGT reliefs to transactions involving leases. This Practice Note is produced in partnership with Charles Goddard of Rosetta Tax.

Direct tax treatment of leases—grant of a lease
Direct tax treatment of leases—grant of a lease
Practice notes

This Practice Note considers the direct tax treatment of the grant of a lease, for both the landlord and the tenant. It focuses primarily on the lease premium rules under which capital receipts are taxed in part as income and considers the tax treatment of reverse premiums. This Practice Note was produced in partnership with Charles Goddard of Rosetta Tax.

Direct tax treatment of overage
Direct tax treatment of overage
Practice notes

This Practice Note considers what constitutes overage in a real estate transaction and how it is taxed from a direct tax perspective. This Practice Note is produced in partnership with Charles Goddard of Rosetta Tax.

PAIFs—breach of the conditions and exit
PAIFs—breach of the conditions and exit
Practice notes

This Practice Note considers the consequences of breaches of the various conditions for the property authorised investment funds (PAIF) regime, and the tax consequences of exit from the regime. This Practice Note is produced in partnership with Martin Shah of Simmons & Simmons LLP based on material originally written by Charles Goddard of Rosetta Tax LLP.

PAIFs—compliance and vouchers
PAIFs—compliance and vouchers
Practice notes

This Practice Note considers the requirements on property authorised investment funds (PAIFs) to submit corporation tax returns and accompanying documents, to withhold tax from distributions and account for it to HMRC and to provide statements to recipients of distributions showing the amount of tax withheld. It also considers the position in the event that the PAIF pays a distribution free from withholding when withholding was, in fact, required. This Practice Note is produced in partnership with Martin Shah of Simmons & Simmons LLP based on material originally written by Charles Goddard of Rosetta Tax LLP.

PAIFs—taxation of the participants
PAIFs—taxation of the participants
Practice notes

This Practice Note considers the tax treatment of distributions made by a property authorised investment fund (PAIF) in the hands of participants. It looks at the allocation of distributions between three types of income and the tax consequences of each for different types of investor. This Practice Note is produced in partnership with Martin Shah of Simmons & Simmons LLP based on material originally written by Charles Goddard of Rosetta Tax LLP.

PAIFs—taxation of the scheme
PAIFs—taxation of the scheme
Practice notes

This Practice Note considers the taxation treatment of a Property Authorised Investment Fund (PAIF), including the division of its business into tax-exempt and residual parts, and the tax rules which apply to each of them. It also considers the rules which can impose a specific tax charge to counter avoidance situations or breaches of the PAIF code, and the VAT rules as they apply to PAIFs. This Practice Note is produced in partnership with Martin Shah of Simmons & Simmons LLP based on material originally written by Charles Goddard of Rosetta Tax LLP.

PAIFs—the conditions
PAIFs—the conditions
Practice notes

This Practice Note looks at the conditions that an OEIC must meet for entry to the property authorised investment fund (PAIF) regime and to benefit from its continued application. The main six conditions are: the property investment business condition, the genuine diversity of ownership condition, the corporate ownership condition, the loan creditor condition, the balance of business conditions and the notification condition. An additional condition testing excess financing costs applies to any PAIF that is also a qualified investor scheme (QIS). This Practice Note is produced in partnership with Martin Shah of Simmons & Simmons based on material originally written by Charles Goddard of Rosetta Tax LLP.

Property authorised investment funds (PAIFs)—summary
Property authorised investment funds (PAIFs)—summary
Practice notes

This Practice Note broadly outlines the rules applicable to Property Authorised Investment Funds (PAIFs). It considers briefly the intention behind the PAIF regime, what a PAIF is, the conditions for the PAIF regime to apply, as well as the taxation of the PAIF itself and its investors. This Practice Note is produced in partnership with Martin Shah of Simmons & Simmons LLP based on material originally written by Charles Goddard of Rosetta Tax LLP.

Property developers—direct taxation of trading in UK property
Property developers—direct taxation of trading in UK property
Practice notes

This Practice Note sets out when a property developer will be treated for tax purposes as trading in, or investing in, property in the context of a commercial, residential and mixed use development. It also outlines key features of the charge to UK corporation tax and income tax on trading profits in a property context, commenting on the deductibility of financing expenses and the use of offshore structures. This Practice Note is produced in partnership with Charles Goddard of Rosetta Tax.

Property holding structures—direct tax and stamp taxes treatment of a non-UK company
Property holding structures—direct tax and stamp taxes treatment of a non-UK company
Practice notes

This Practice Note looks at the direct tax and stamp tax treatment of a non-UK company used as a structure for holding UK property. It considers the distinction between trading and investment and the tax treatment of each activity. This Practice Note is produced in partnership with Charles Goddard of Rosetta Tax.

Property holding structures—direct tax treatment of a UK limited liability partnership
Property holding structures—direct tax treatment of a UK limited liability partnership
Practice notes

This Practice Note looks at the direct tax treatment of a UK limited liability partnership (LLP) and of its members, specifically where the LLP is used as a structure for holding UK property. The Practice Note then considers typical situations in a real estate context where LLPs are commonly used. This Practice Note is produced in partnership with Charles Goddard of Rosetta Tax.

Property holding structures—direct tax treatment of a UK limited partnership
Property holding structures—direct tax treatment of a UK limited partnership
Practice notes

This Practice Note looks at the direct tax treatment of a UK limited partnership (LP), and of the partners in an LP, specifically where the LP is used as a structure for holding UK property. This Practice Note then considers typical situations in a real estate context where LPs are commonly used. This Practice Note was produced in partnership with Charles Goddard of Rosetta Tax.

Property holding structures—direct tax treatment of contractual joint ownership
Property holding structures—direct tax treatment of contractual joint ownership
Practice notes

This Practice Note considers the more common forms of contractual joint ownership of UK property, their respective direct tax treatments and the tax implications for the contracting parties. This Practice Note is produced in partnership with Charles Goddard of Rosetta Tax.

Property holding structures—direct tax treatment of UK company
Property holding structures—direct tax treatment of UK company
Practice notes

This Practice Note looks at the direct tax treatment of a UK company used as a structure for holding UK property. It considers the distinction between trading and investment and considers the tax treatment of each activity. The Practice Note then sets out the principal reliefs available in respect of investment, including treatment as a UK REIT. This Practice Note is produced in partnership with Charles Goddard of Rosetta Tax.

Real estate—anti-avoidance: disposals of land and taxing capital gains as income (pre 5 July 2016) [Archived]
Real estate—anti-avoidance: disposals of land and taxing capital gains as income (pre 5 July 2016) [Archived]
Practice notes

ARCHIVED: This Practice Note has been archived and is not maintained. This Practice Note examines the anti-avoidance measure for transactions in land, which was designed to charge to tax as income gains of a capital nature arising from transactions in or concerning land. The anti-avoidance measure examined in this Practice Note was replaced and extended by the offshore property developer rules which were introduced by Finance Act 2016 with effect from 5 July 2016. This Practice Note was produced in partnership with Charles Goddard of Rosetta Tax LLP.

Real estate—anti-avoidance: sale and leasebacks, taxing lease receipts as income and general anti-avoidance rules
Real estate—anti-avoidance: sale and leasebacks, taxing lease receipts as income and general anti-avoidance rules
Practice notes

This Practice Note looks at the anti-avoidance measures designed to target avoidance of tax on income, profits or gains in relation to land. These include measures targeting specific types of real estate transactions, as well as rules applicable more generally such as anti-avoidance case-law and the Ramsay principle, and the DOTAS, GAAR and diverted profits tax rules. This Practice Note was produced in partnership with Charles Goddard of Rosetta Tax.

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